As the overall Meme coin market declines, the largest Meme coin, Dogecoin (DOGE), is beginning to attract short bets, according to CoinDesk. Coinalyze data shows that since Tuesday, the funding rate for Dogecoin has begun to turn negative, reaching -0.0027% as of Thursday, reaching a level not seen since October 2023. Funding rates are regular payments made by traders based on the price difference between the futures market and the spot market. While these rates are not abnormally large, if they continue to fall while prices fall, they indicate bearish market sentiment. Over the past week, DOGE has fallen 12%, wiping out all gains since March. In addition, the number of open contracts for Dogecoin has also fallen from nearly $800 million on Monday to $611 million on Thursday, which also indicates a decline in demand for the currency. Tokens in the Meme coin market have lost up to 40% in seven days, and traders have warned that they may turn from riskier tokens to Bitcoin and stablecoins.